Gospeed - What's Happening?

[uk_martin 1,606]

Here are some interesting links.

The question now is, what is with all the Compulsary Striking Off shennanigans?

Wouldn't it be interesting to see what the 2014 and 2015 figures would be for the "Debtors" which as this basically means SkySports, must be the value of the TV contract?

 

GoSpeed Info at Companys House
Check out the "Total Exemption" links for the 2011-12 & 2012-13 accounts

Now it looks to my untrained eye here that this is a company where the "assets" are in the form of money owed to it (debtors) and that money owed is increasing year on year. Isn't there a point where money owed needs to be collected and counted as cash in bank, or spent on what it should be spent on?

Terry Russell's previous company "Go Speed Ltd" ceased trading in 2010 - details here - one has to wonder where the new incarnation of Terry Russells company is going. With the apparent (and intended) beneficiaries of Go Speed being British Speedway, this is potentially concerning to all.

 

Can someone who knows about accounting things kindly explain please?

[The White Knight 9,039]

Has the makings of an interesting Thread this. I too am ignorant in many ways on these matters. Perhaps Humphrey or some other luminary could help?

[Humphrey Appleby 13,983]

The question now is, what is with all the Compulsary Striking Off shennanigans?

Guess would be the Annual Return was overdue, as the striking off was cancelled the day after it was received.

 

Wouldn't it be interesting to see what the 2014 and 2015 figures would be for the "Debtors" which as this basically means SkySports, must be the value of the TV contract?

The company revenue is apparently too small to have to file detailed accounts, and there's very little detail you can glean from abbreviated accounts.

 

Now it looks to my untrained eye here that this is a company where the "assets" are in the form of money owed to it (debtors) and that money owed is increasing year on year. Isn't there a point where money owed needs to be collected and counted as cash in bank, or spent on what it should be spent on?

At a guess, GSI is just a vehicle for collecting and paying El Tel's fees from the deal. The money may have been unpaid for the year at the time of doing the accounts.

 

Terry Russell's previous company "Go Speed Ltd" ceased trading in 2010

And entertaining reading that made...

Edited September 9, 2015 by Humphrey Appleby

[TheScotsman 2,484]

Looks like someone has played a blinder.

[Byker Biker 474]

Your talents as a stirring boring anorak are wasted Martin if you want to understand companies acts, laws and avoidance why don't you have a word with your old buddy? You know the financial wizard that used to run Birmingham Speedway, now what was his name?